DJ Julius Meinl Living Publishes its Consolidated 2024 Accounts
JML Finance (Luxembourg) sarl / Key word(s): Annual Results
Julius Meinl Living Publishes its Consolidated 2024 Accounts
07-Apr-2025 / 09:00 CET/CEST
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Julius Meinl Living Publishes its Consolidated 2024 Accounts
Julius Meinl Living PLC, through its group companies, acquires prime real estate assets in major European political and
economic capital cities for development into top rated hotel properties that comprise mainly apartments and that the
group then operates itself ("Julius Meinl Living").
Julius Meinl Living PLC is fully controlled by the Julius Meinl family who, over the last 163 years, have demonstrated
their expertise and excellence in consumer goods, retail and real estate.
Financial Performance in 2024
In 2024, Julius Meinl Living was able to build on the strong foundations that have driven the company's continuing
growth. In financial terms, the group achieved:
. Revenue from operations of EUR13.6m (2023: EUR12.0m)
. Operating EBITDA of EUR3.0m (2023: EUR2.3m)
. Profit before tax of EUR9.8m (2023: EUR5.0m)
. Profit for the year of EUR4.9m (2023: EUR2.2m)
. An increase in shareholders' equity to EUR59.9m at 31^December 2024 (2023: EUR43.9m)
. An increase in total assets to EUR169.3m at 31 December 2024 (2023: EUR143.0m)
Across its properties, Julius Meinl Living recorded in 2024 a fair value gain totalling EUR16.1m.
The audited 2024 financial statements are now available for download from www.juliusmeinlliving.com.
Operating Properties
The major contributor to the strong performance of Julius Meinl Living was the group's flagship 168 apartment property,
"The Julius Prague".
In 2024 - its second full year of operation, The Julius Prague earned total revenues of EUR12.2m and hotel EBITDA was
EUR6.4m, representing a hotel EBITDA margin of 52%.
Recognising the success achieved by The Julius Prague, the fair value of the property is now assessed in the group's
accounts as being EUR113.3m (2023: EUR110.1m).
The breadth of appeal of The Julius Prague continues to be reflected in the feedback received from guests. On
Booking.com, the property is the highest rated 5* hotel in Prague and also one of the most rated. As at 4 April 2025,
it had 6,151 reviews on Booking.com, with an average score of 9.5.
Building on its earlier receipt of LEED Gold certification, The Julius Prague in 2024 confirmed its operational
excellence by receiving Green Key certification. This award recognised the commitment of The Julius Prague to
environmental sustainability and responsible hospitality management.
The group's second property is the Escala Hotel & Suites in Budapest, with 51 apartments. In 2024, the Escala Hotel &
Suites earned total revenues of EUR1.3m (2023: EUR1.6m) and hotel EBITDA was EUR0.3m (2023: EUR0.7m), representing a hotel
EBITDA margin of 21% (2022: 41%).
Through 2024, Julius Meinl Living has undertaken a limited, yet comprehensive refurbishment of the Escala Hotel &
Suites to protect and enhance its market position and its value, whilst keeping the property fully in operation. The
majority of the rooms have now been upgraded and the programme is expected to complete after the busy summer season in
the autumn of 2025. With the benefit of the work done, trading so far in 2025 is well ahead of 2024.
The fair value of the Escala Hotel & Suites is assessed in the group's accounts as being unchanged at EUR10.1m.
Development Property
In March 2024, Julius Meinl Living acquired the 12,600m^2 Hotel Ambasador property in Bucharest.
Following extensive refurbishment, the Hotel Ambasador is planned to re-open its doors in 2027 as "The Julius
Bucharest" in 2027. The property, a historic art deco masterpiece, will have 160 apartments and will include a lobby
bar on the ground floor and an 11th floor restaurant with breathtaking views on the city. The property will also
include meeting rooms and a gym, as well as a boutique selling a selected range of House of Julius Meinl-branded
gourmet foods, drinks and personal care products.
Since acquisition, Julius Meinl Living has made solid progress in all of the workstreams that are required to be
completed before the actual reconstruction of the property can begin. Julius Meinl Living is actively working with the
relevant city offices including the cultural and fire authorities, as well as owners of neighbouring properties, in
order obtain with a minimum of delay all confirmations necessary for the eventual issuance of a building permit.
In advance of the issue of the building permit, the property has been stripped out with just the façade, roof, frame
and floors remaining. The process of selecting a general contractor to lead the reconstruction is now advanced. The
start of construction is anticipated for the summer of 2025.
In December 2024, Julius Meinl Living concluded with a major regional bank an agreement to finance The Julius Bucharest
through reconstruction and thereafter for a period of five years.
The fair value of The Julius Bucharest is assessed in the group's accounts as being at EUR26.6m (2022: EUR0).
Financing
As at 31 December 2024, Julius Meinl Living had cash of EUR16.5m (2023: EUR19.0m) and net financial debt of EUR73.2m (2023:
EUR64.5m).
During the course of 2024, the equity position of Julius Meinl Living was enhanced by the injection by its existing
owner of EUR12.0m of new cash equity.
In addition to arranging development finance for The Julius Bucharest, Julius Meinl Living in 2024 refinanced The
Julius Prague. The achieved financial success of the property enabled the amount of debt secured against it to be
increased EUR50.0m to EUR68.0m.
In advance of the redemption in September 2024 of the original EUR30.0m series of bonds issued in 2019 by JML Finance
(Luxembourg) S.à r.l., the company successfully issued in July 2024 EUR25.0m of a new series of bonds (ISIN:
XS2834253127). These will mature in July 2029.
In addition, at the end of 2024, the "Julius Fund" was launched as a qualified investor fund in the Czech Republic.
Building on the recognition of the success of The Julius Prague, The Julius Fund is independently managed and available
to qualified investors only.
The Julius Fund invests in new non-voting shares issued by Julius Meinl Living PLC and (up to a maximum of 50% of its
assets) in bonds issued by JML Finance (Luxembourg) S.à r.l..
In light of the work done in 2024 to expand the equity base of Julius Meinl Living and to refinance its debts, the
group is even more strongly capitalised and has no significant debt repayments until 2029.
Strategy
With "The Julius" concept now proven, Julius Meinl Living is continuing the process of developing its portfolio of "The
Julius" branded "luxury product / low operating cost" hotels that comprise mainly apartments and that are located in
the major political and economic capital cities of Europe.
Over and above the acquisition of the Hotel Ambasador property in Bucharest, Julius Meinl Living is progressing
negotiations in relation to a number of identified and exciting pipeline properties for eventual addition to The Julius
portfolio, in both western, southern and central Europe.
With the benefit of the financing raised through 2024 and its ongoing financing initiatives, Julius Meinl Living is now
well-placed to move forward with these acquisitions.
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Dissemination of a Financial Wire News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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Language: English
Issuer: JML Finance (Luxembourg) sarl
6 Rue Dicks
L-1417 Luxembourg
Luxembourg
E-mail: office@juliusmeinlliving.com
Internet: www.juliusmeinlliving.com
ISIN: XS2042981576
EQS News ID: 2112156
End of Announcement - EQS News Service
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2112156 07-Apr-2025 CET/CEST
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